By Amy Edelen | Phoenix Business Journal
Lucid Group Inc. is initiating an “operational reset” to reduce cash burn and generate expected savings of $1.4 billion this year, the beleaguered California-based electric vehicle maker’s top executive said Tuesday.
Lucid (Nasdaq: LCID) identified projected savings between $600 million and $800 million in inventory, $500 million in capital expenditures and $200 million in operating expenses. Lucid’s projected savings include $158 million from the company’s workforce reduction announced in June that includes 705 workers at its U.S. factory in Casa Grande.
